Euronext Volumes Rise, Capping a Year of Strategic Expansion

AMSTERDAM, Netherlands – January 08, 2026 – Euronext, the leading pan-European market infrastructure, today announced its trading volumes for December 2025, revealing a solid close to a year marked by strategic consolidation. The exchange operator reported total transactions reached €231.11 billion for the month, signaling a notable year-over-year increase in activity across its integrated European markets.

The figures provide a critical first look at market health and investor sentiment at the end of 2025, a period defined by cautious optimism amid shifting macroeconomic currents. The data is also the first to reflect a full month of activity following Euronext's landmark acquisition of a majority stake in the Athens Stock Exchange (ATHEX), a move that has cemented its dominance in Southern Europe and expanded its continental footprint.

A Detailed Look at December's Trading Dynamics

While December traditionally sees a seasonal slowdown in trading activity due to holidays, the year-over-year growth points to sustained investor engagement. Compared to the more volatile trading sessions of November 2025, overall volumes saw a slight, expected dip. However, the performance against December 2024 underscores a more robust underlying market appetite.

Breaking down the activity reveals a nuanced picture across asset classes:

• Cash Equities: Trading in cash equities remained resilient. The activity was largely driven by institutional investors engaging in year-end portfolio rebalancing and strategic repositioning ahead of 2026. This indicates that despite broader economic uncertainties, market participants were actively managing their exposures rather than retreating to the sidelines. Euronext's established blue-chip franchise, which includes over 1,700 issuers, continued to provide deep liquidity.

• Derivatives: The derivatives market, which often thrives on volatility, saw a moderation in volumes compared to the previous month. This reflects a relatively calmer geopolitical and macroeconomic environment in the final weeks of the year. However, activity in index futures and options remained healthy as investors hedged their portfolios against potential shifts in central bank policy expected in the new year.

• Fixed Income and ETFs: The fixed income segment, particularly on the MTS platform, experienced solid volumes. This was fueled by ongoing speculation about the future path of interest rates from the European Central Bank (ECB). With inflation showing signs of cooling, traders were actively pricing in potential rate adjustments for mid-2026. Exchange-Traded Funds (ETFs) also continued their growth trajectory, with investors favoring the diversified and low-cost exposure they offer.

This multi-asset performance highlights the strength of Euronext’s diversified business model, which captures activity across the entire capital markets value chain, from listing and trading to clearing and settlement.

The Athens Effect: Gauging the Impact of Expansion

Perhaps the most closely watched aspect of the December report is the initial contribution of the Athens Stock Exchange. Euronext finalized its acquisition of a majority stake in ATHEX in November 2025, making December the first full month where the Greek market's volumes were integrated into the group's results. This strategic expansion into a seventh European country is a cornerstone of Euronext's growth strategy.

While the Greek market is smaller in scale compared to hubs like Paris or Amsterdam, its inclusion provided a tangible boost to overall transaction volumes and further solidified Euronext's claim as the preeminent European market operator. The successful integration reinforces the company’s federal model, which aims to connect local economies to global capital pools while preserving the identity and strengths of national exchanges.

Analysts suggest the real value of the ATHEX acquisition will unfold over the coming years. By bringing the Greek market onto its advanced technology platforms and integrating it into its clearing and settlement services, Euronext aims to enhance liquidity, attract international investors, and provide Greek issuers with greater access to capital. The move is seen as a vote of confidence in the Greek economy and a strategic play to capture future growth in the region. This expansion follows a proven playbook that has successfully integrated markets in Dublin, Oslo, and Milan in recent years.

A Barometer for European Markets in 2026

As a hub that handles approximately 25% of all European lit equity trading, Euronext's monthly volumes serve as a reliable barometer for the continent's economic health and investor confidence. The positive year-end figures suggest that market participants are entering 2026 with a sense of cautious optimism, prepared to deploy capital but remaining wary of potential headwinds.

The trading activity in December occurred against a backdrop of mixed economic signals across the Eurozone. While energy prices had stabilized and inflation was trending downward, concerns about sluggish GDP growth and the full impact of the ECB's monetary tightening cycle lingered. The robust year-over-year trading volumes indicate that investors see opportunities, particularly in equities, but are using derivatives and fixed-income instruments to manage persistent risks.

In the competitive landscape of European exchanges, this performance helps Euronext maintain its strong position against rivals like Germany’s Deutsche Börse and the London Stock Exchange Group. The continuous expansion and diversification, exemplified by the ATHEX deal, are critical components of its strategy to not only defend but grow its market share. As markets look toward the first quarter of 2026, all eyes will be on upcoming macroeconomic data releases and central bank commentary to set the tone for the year. Euronext's ability to provide a liquid, stable, and integrated trading environment across a growing number of European economies will remain a key factor in its continued success.